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Industry Series: How Fintech Debt Collection Companies can shape the Future of Mobility

Recent technological developments and business models will drastically change the way people get from one place to another. CASE megatrends (connected, autonomous, shared and electric) will have a significant development within the coming years thanks to continued investments across the automotive industry. Based on this, several assumptions can be made -

All types of vehicles will be available to more people and payments of transportation will be less expensive and more efficient.

Commuting will be more connected, allowing people to use several different methods of transportation during a single journey. This will be done through fewer payment points and a more integrated infrastructure. As Kevin Roberts, Automotive & Transportation Senior Analyst at EY put it:

“Future mobility is about striving towards environment-friendly, integrated, automated and personalised travel on demand.”

The Future of Mobility and Finch Debt Collection

People will likely move around the same way in 2050. However, payment services for transportations, as well as the way they are driven and propelled will likely be different.

Autonomous Driving - self-driving cars and autonomous technologies have penetrated the market for several years now, but continue to be the most interesting innovations within the automotive industry. This aspect of the industry will likely continue to develop into shared AVs such as robo-shuttles or taxis. Furthermore, this could address many issues that infrastructures currently face such as a lack of parking spaces, pollution and traffic. Such innovations could make mobility much more affordable and efficient in the future.
Decline in Internal Combustion Engines - automakers are striving towards producing more battery-electric (BEV) vehicles, as well as pushing hydrogen fuel cell technology innovations.
Connectivity will play a large role in the future of the industry. Today a single commute could involve taking a taxi to a train station, which leads to a larger city. There, a consumer could rent an electric scooter. Each one of these checkpoints has their own associated payments, which ultimately creates a pain point for customers. Through connectivity, the industry will be able to create one seamless, efficient journey including its payment practices. Additionally, vehicle sharing is also expected to have a significant rise in popularity in the coming years.

The Influence of COVID-19 on the Mobility Sector

COVID-19 has affected many people and nations across the globe. In addition to the detrimental effect it has had on people’s health and lives, it has also impacted a variety of different industries tremendously, causing them to come to a halt. Businesses of all sizes have been forced to shut down or change their business strategies as a whole. Unfortunately, the mobility industry has also suffered a large hit.
Decline of Automotive Production - As people actively think more about savings during these difficult times, they are a lot less likely to splurge on a new vehicle, for instance. The most obvious effect that the pandemic has had on the industry, is the decline in vehicle production. In fact, it is expected that in 2020, supplier factories and OEM will produce approximately 7.5 million fewer vehicles. Due to this and a plummeting stock-market, manufacturers have been forced to lay off their workers. Many have had to rely on public funding, governmental assistance or extension of credit lines in order to stay afloat during these difficult times.
Public Transportation - ridership has fallen tremendously across the globe, as public transportation rides decline with 70 to 90 percent in major cities. Operators currently have a huge burden as they struggle to make profits and maintain strict hygiene protocols, such as health checks, obligatory masks and the limited number of riders that are allowed in a vehicle at one time.
Shared Transportation and Taxis have also experienced large declines of up to 60 to 70 percent. Additionally, many shared-vehicle and micro-mobility companies have suspended services during the pandemic.

How FinTech Debt Collection Can Help

All-in-one invoicing systems handle invoicing processes from start to finish. The platform is responsible for automatically sending out invoices, payment reminders based on preferred methods of communication and pre-legal as well as legal actions if invoices remain unpaid.

Cutting costs — Since the entire invoicing process is handled automatically, this greatly eliminates costs associated with staffing, office supplies and other similar expenses. Additionally, the platforms entirely eliminate the possibility of human-made errors, which may further delay payments and even cause costly legal issues in the long-run.

Expanding to new territories — COVID has forced many businesses to go out of business. However, businesses that have managed to stay afloat are now able to penetrate markets more easily due to lower competition. Mobility companies might consider changing their business strategy and expanding to new markets, however, this comes with a multitude of unknown regulations, legalities and communication barriers. Thankfully, all-in-one invoicing platforms make expanding to new markets effortless and affordable.

Local regulations and legalities - Cross-border businesses often face issues regarding local regulations and legalities. Debt-collection platforms handle all necessary local laws and regulations, minimising mistakes and therefore, possible sanctions will be avoided.

Easy communication in the local language — Debt collection platforms also provide multi-language services that enable invoicing and communication reminders through the local language. This further eliminates confusion and payment delays in the long-run.

Higher success rates of debt collection — COVID-19 has affected the cash flow of many businesses. Companies are facing unpaid invoices much more often than usual, which can certainly account for the downfall of any business. All-in-one platforms guarantee a high success rate regarding debt collection due to their efficient invoice creation, distribution and white label payment pages. It provides an abundance of pre-legal and legal actions necessary for effective debt collection. Additionally, FinTech debt collection platforms offer convenient payment methods in multiple currencies around the world, so that clients can pay fast and hassle-free.


Automated invoicing platform companies such as eCollect possess API integration and provide a subsequent online notification between eCollect and the mobility partner, guaranteeing that the debtor account is activated directly after the payment is conducted. Thus, unlike with traditional bank transactions, the customer can use a shared vehicle, for example, immediately after paying his debts.

Did you find this article useful? Visit the eCollect website for more information regarding all-in-one invoicing systems and automated payment innovations.

By Marc Schillinger, CEO at eCollect